(Post by Debbie (The IQD Team))
Transcription by Love’s Love (Scott)…Thank you from the The IQD Team
The IQD Team Conference Call
August 25, 2011 - Episode 1
This Episode is Dedicated to Jon Tomlinson, (Navy Seal) & His Dog, Hawkeye
(Dinar Recaps Note: Read this story at the very bottom of the transcript)
THE NEWS IS IMPORTANT TO US AS ALWAYS…AND MANY OF YOU
2 DAYS OF NEWS…(We only missed 1 day)
GREAT NEWS DAY….READ ON
Joey, Tim, Diana, Vic, Debbie & Yukon
Yukon does the introduction: Good evening ladies and gentleman. We have an unusual call, tonight is our first call on this terrain. We were formerly the call squad. The people that remain as the The IQD Team are: Deb, Joey, Tim, Vic, Diana, Pam & Yukon.
New Call in # 209-647-1600 Pin 880162#
Backup # 209-647-1600 Pin 361850#
Next Call Sunday 8PM EST
I’d like to open this up for all the mods to weigh in and step up to the plate. Mods all introduce themselves.
Tim and others all shout out to Dr. G in NC.
Vic would like to add. In the community we’re in, there are pillars, and one of those pillars is what I call a man of honor, dignity and respect, who has served this country with sacrifice, and he is named Okie, and yesterday was his birthday. Yesterday, we were not able to say Happy Birthday, so may God grace you with many more years on this beautiful earth that you can do all the deeds that you know and I know and many others listening here know that we have promised our heavenly father that we will be good shepherds and stewards. With that I’d like to say thank you to so many people, Doc in NC, England, Bermuda, and Sister Wise Steward….and others.
Replay # 209-647-1699 Pin 880162# or
Joey: Would like Vic to start with Mr. Buffet.
Read More button on right
Vic: I was going to save that till later but, if you want now is good. We all know Mr. Warren Buffet is a multi multi Billionaire. He is known as about the third wealthiest man in the world, though it shifts between Carlos Slim from Mexico and Bill Gates. With that said, he made a decision today to invest 5 Billion dollars into Bank of America. This is a very big move. And the reason for that move is for better positioning. He’s experienced some losses, one of his companies, which when the S&P downgraded the US Government, and I’ve stated to watch for that investigation of the bad downgrade, it was a bad move, the president and Geithner are upset, many lost a lot of money. The president of S&P Devon Sharma, from India, decided he was going to step down, which says a lot. It’s amazing that S&P was the company that downgraded companies and now the nation, and look for the ways and means committee to come out with some details of an investigation, which we’ll hear more in a week or two. It’s ironic that S&P is the rating service who gave AAA ratings to the companies that melted down during the mortgage crisis, and are now coming front and center again. So, we’re about the truth, and bringing truth forward, to set you free. Vic just wants to thank Mr. Buffett for demonstrating what true America is all about, stepping up to help if you can, in this time of turmoil to show us all what he believes in the USD and good faith in the US Economy, that he will invest 5 Billion of his own dollars into a company that plays an important role in our financial system.
Joey reads: Warren Buffett to invest $5 billion in Bank of America
10:38am EDT By Ben Berkowitz and Joe Rauch
NEW YORK/CHARLOTTE (Reuters) - Warren Buffett will invest $5 billion in Bank of America, stepping in to shore up the company in the same way he helped prop up Goldman Sachs and General Electric during the financial crisis.
Bank of America shares rose 15 percent to $8.03 in early trading, erasing a large part of the stock's August losses. The jump also makes the warrants for Bank of America shares that Buffett gets in the deal instantly profitable.
Buffett and Bank of America said he made an unsolicited call to the bank on Wednesday morning, offering to make an investment. Even though the bank has said it did not need to raise capital, investors widely believed Bank of America needed more money and to show it could raise funds easily.
The deal proved again that Buffett has become something of a lender of last resort to the financial system, as he did with Goldman and also GE. Buffett's role in aiding the economy and the financial system has become symbolically important given the lack of policy options left for the U.S. government and the Federal Reserve to stimulate demand.
"This proves to the market that if the bank needs additional capital, which we don't believe they do, but if they needed to calm the market by raising capital, they could do it within 30 minutes with a quick call to Uncle Warren," said Sean Egan, managing principal of Egan-Jones Ratings.
Buffett's Berkshire Hathaway will in many ways make out even better financially than Bank of America did in the deal. Berkshire had a position in the bank that he sold in the fourth quarter of 2010 when the stock had an average price of $12.24.
The warrants to buy 700 million shares of common stock he gets in this deal are priced at just over $7.14 per share, with an unusually long 10-year exercise period.
Bank of America will also sell Berkshire 50,000 shares of cumulative perpetual preferred stock with a 6 percent annual dividend, it said. Bank of America can buy back the investment at any time by paying Buffett a 5 percent premium.
It is virtually a mirror of the deal Berkshire did with Goldman in the depths of the crisis in fall 2008, except in this case the dividend is less. The Goldman deal paid Berkshire $15 a second in dividends until Goldman bought Buffett out earlier this year.
"It's a reasonably priced deal for Buffett. It's opportunistic," said Tom Russo, a portfolio manager at Gardner, Russo & Gardner who holds Berkshire shares.
Russo said any concern about the Bank of America deal tying up Berkshire capital would be more than offset by the relative lack of other good investment opportunities available.
Investors have battered Bank of America's stock on fears that the largest U.S. bank by assets has yet to overcome billions of dollars in problem mortgage loans.
In recent weeks, investors have sold shares, worrying that the bank might need to raise outside capital -- as much as $50 billion by some estimates -- to cope with losses and meet new industry capital rules.
Bank of America Chief Executive Brian Moynihan said on an August 10 conference call with investors and analysts that the bank could add to its capital through earnings and asset sales. The call, organized by Fairholme Funds, one of the bank's largest shareholders, happened two days after shares plunged by 20 percent.
"This helps with the credibility gap that I think has existed in the minds of some shareholders. It reiterates the point that the balance sheet is healthy. They needed an endorsement in the market and they got it," said Jon Finger, managing partner of Finger Interests in Houston. Finger's family sold its bank to Bank of America years ago.
Bank of America shares lost roughly a third of their value in August before this deal, and half their value since the beginning of the year.
(Additional reporting by Dan Wilchins, Joe Giannone, Jonathan Spicer, Clare Baldwin, Michael Erman and Lauren Tara LaCapra in New York, and Scott Malone in Boston. Editing by Derek Caney and Robert MacMillan)
Joey reads another: Fed's Jackson Hole retreat not always restful
WASHINGTON | Wed Aug 24, 2011 12:27pm EDT
(Reuters) - Central bankers and economists from around the globe will once again flock to the Federal Reserve's annual gathering in Wyoming this week, and once again will meet against the backdrop of volatile markets and the prospect of further Fed support for a struggling U.S. economy.
The conference in Jackson Hole is designed as a retreat among the serene vistas of the Grand Teton mountains, allowing policy makers to ponder the latest academic thinking without distractions. But in recent years they have been unable to ignore the economic carnage taking place beyond the picturesque valley.
The event has evolved into an annual check point on the state of play of efforts to contain the damage from one of the worst financial panics and deepest recessions in U.S. history. Last year Federal Reserve Chairman Ben Bernanke's speech laid the groundwork for the Fed's unprecedented $600 billion bond buying program to revive a sputtering U.S. economy.
Bernanke's address this Friday will be keenly watched for hints about whether the U.S. central bank is preparing to take further steps to buttress a crumbling recovery.
Following is a look back at the give speeches Bernanke has made at the conference since becoming Fed chairman.
Bernanke gives his first Jackson Hole speech as Fed chairman. Only two months earlier, the Fed had ended a series of 17 consecutive quarter-point interest rate increases that began in June 2004.
Analysts debated whether the Fed was hurting its inflation-fighting credibility by putting rates on hold too early, or whether bond market anticipation of slow growth in coming months was premature.
Bernanke, the Fed leader since January, looked to be comfortably carrying out the legacy of his much-admired predecessor, Alan Greenspan. He did not discuss the outlook for the economy or policy in a speech that reviewed the history of global economic integration as far back as the Roman Empire.
"The challenge for policymakers is to ensure that the benefits of global economic integration are sufficiently widely shared," he said.
Financial storm clouds had begun to gather all year as the U.S. housing and credit bubbles burst, and by the time Bernanke spoke at the end of August, pressures were becoming acute.
Short-term funding strains escalated over the summer as ratings agencies downgraded bonds backed by subprime mortgages and Bear Stearns suspended redemptions from one of its funds. CNBC presenter Jim Cramer in early August lashed out on air at Bernanke and the Fed for failing to respond to financial market chaos, a widely discussed rant that came to symbolize the intensity of building pressure.
At a policy meeting in early August, the Fed said its predominant policy concern was that inflation would fail to moderate. But within days, it issued a statement saying it would stand ready to provide liquidity to keep financial markets from locking up, and shortly thereafter cut the discount rate it charges banks for emergency loans.
When the Fed chairman stepped to the podium that August, he joked that the year-ago selection of housing, housing finance and monetary policy as the conference theme had been right on target.
Although he devoted the bulk of his remarks to the history of the U.S. housing finance system, his opening discussion of the dire state of the state of housing and deterioration in financial markets provided some reassurances.
Markets took his remarks as a welcome acknowledgment of the tensions Cramer had described and saw them as a sign the Fed would act as needed to limit damage. Bernanke's own appearance of steadiness under pressure -- the first glimpse of his crisis-fighting demeanor -- also soothed worries and helped spur a stock market rally.
By summer, the Bear Stearns bailout and a British government takeover of Northern Rock were history. The Fed held rates steady at its early August meeting, and it might have been possible to hope that from the perspective of market turmoil at least that the worst was over.
At the same time, soaring oil prices were fueling inflation concerns, and, in a sign of the cross currents facing policymakers, one Fed official dissented against holding rates at 2 percent, preferring instead to raise them.
The conference's theme, maintaining stability in a changing financial system, again proved apt.
Bernanke's comments that inflation would likely stay in check despite an uncertain outlook were taken to mean the Fed would not raise rates and spurred equity market gains.
In his speech, Bernanke recapped recent developments, including the special facilities the Fed had set up to ensure market liquidity.
Anticipating the debate over restructuring the financial system that would consume Congress for most of the following year, Bernanke spoke at length about regulatory structures and called for oversight that would be broad enough to spot system-wide risks, rather focusing myopically on problems at specific companies without taking broader stability into consideration.
In 2009, the crisis in fact deepened. The government put Fannie Mae and Freddie Mac into conservatorship, investment bank Lehman Brothers went bankrupt despite government efforts to keep it afloat, and insurer AIG received a massive government bailout.
The effects of the panic on the economy were becoming painfully clear, too: U.S. employers shed 6.8 million jobs in the 12 months to that August. The Fed had embarked on an aggressive easing campaign. It cut benchmark interest rates to zero in December 2008, and followed up with purchases of hundreds of billions worth of mortgage-related and government debt to provide additional economic stimulus.
By late summer, however, the pace of job losses appeared to be moderating, and there were again reasons to believe a recovery might be underway. A March government examination of major banks sparked some confidence in the financial system, and stock markets were rallying.
Bernanke used the speech to give his clearest indication to date that he thought the recovery was at hand, although he warned it would be a slog.
"After contracting sharply over the past year, economic activity appears to be leveling out, both in the United States and abroad, and the prospects for a return to growth in the near term appear good," he said. "The economic recovery is likely to be relatively slow at first, with unemployment declining only gradually from high levels."
His comments boosted stock markets.
Immediately after the conference, President Barack Obama announced he would reappoint Bernanke to serve another four-year term as chairman at the Fed.
When policymakers gathered a year ago, the recovery was sputtering. Gains early in the year had given way to fresh concerns as a European sovereign debt crisis that began in Greece spread to other countries on the periphery of the euro zone.
In a speech squarely devoted in its entirety to the outlook for the economy and policy, Bernanke nodded to the disappointingly slow recovery and said the Fed would act if needed to spur stronger growth.
While he stopped short of providing a clear signal of action, his speech laid the groundwork for the Fed's decision in November to launch a fresh $600 billion round of bond purchases. U.S. stocks initially slipped on his remarks, but major indexes closed up 1.7 percent.
"I think we would all agree that, for much of the world, the task of economic recovery and repair remains far from complete," Bernanke said. http://www.reuters.com/article/2011/08/24/us-usa-fed-jacksonhole-retreat-idUSTRE77N50X20110824
Joey: Hmmm, makes you wonder if the boys are going to pull a rabbit out of the hat…seems like they have to. And this next article will explain why….
Joey reads: Dow Jones: Kuwait Central Bank – Peg to currency basket shields economy
Posted: August 25, 2011 by THE CURRENCY NEWSHOUND - Just Hopin in Other Currencies, US Economy Zawya Dow Jones/Dubai
Kuwait’s top banker said he remained content with the peg of the dinar to a basket of currencies as it has helped shield the local economy from US dollar fluctuations and increase stability, at a time of volatility in global currency markets.
Kuwait Central Bank governor Sheikh Salem Abdulaziz al-Sabah told Zawya Dow Jones in an emailed response to questions that the dinar’s peg to a currency basket “is assessed as having assisted in shielding Kuwait from the often volatile fluctuations in the values of other currencies, and in turn inducing a measure of stability to the local economy.”
Since 2007, Kuwait has pegged its dinar exchange rate to an undisclosed basket of currencies from countries with which it shares financial and trade ties, but the dollar is believed to still hold significant weight in the basket. Before that, the oil-rich state pegged its currency to the dollar, a policy still followed by Kuwait’s fellow members of the Gulf Cooperation Council (GCC).
The other five GCC states-Saudi Arabia, the UAE, Qatar, Bahrain and Oman-all have maintained their currency pegs to the greenback. Together, the six GCC countries meet nearly a fifth of the world’s daily crude oil needs. Recent dollar weakness, following the downgrade of the US’s credit rating by Standard & Poor’s earlier this month and mounting uncertainty over the economic outlook of the world’s biggest economy, has renewed speculation that GCC states might review their currency pegs as inflationary pressures are increasing and income from dollar-denominated oil exports is being eroded. The central bank governors of Bahrain and the UAE earlier this month reiterated that they had no intention of steering away from the dollar link. Sheikh Salem said Kuwait’s policy to peg the dinar to a currency basket has also helped avoid speculation in its currency.http://bit.ly/oYC6G1
Joey: Hmm, imagine that…6 oil countries in GCC , 5 peg to the dollar.
Yukon: Asks Joey to encapsulate a summary…
Joey: Well, everyone’s afraid of what’s going to happen to the USD. Well, what’s going on in Wyoming Summit is this: Our dear Dr. Shabibi is there, the Head of the US Federal Reserve is there, the Head of the IMF is there, The Head of the World Bank is there, the Heads of The World’s Federal Reserve Banks is there, Mr. John Lipsky is there, Key people from our government and major corporations like Citi Bank, JP Morgan Chase, Goldman Sachs, and others are also there.
Do you really think they’re going to allow the USD to falter when all oil in the Mid East is pegged to that American dollar; and what would happen to all the other nations’ currencies if something did happen to the dollar? So regarding the fears of what’s happening, my grandmother used to say, “It’s darkest before the dawn…” so you just pull yourself up straight, and I believe that something very good is getting ready to happen as the sun rises and we can see more. This is true of the USD, the IQD, which is our investment, and all the currencies of the world. Did you notice that it said how the KWD is enclosed in a basket of six currencies, and that the US currency is tied to that basket? It is!
Vic adds: Regarding that basket of currencies…go to the CBI website. Here are a couple countries:
Great Britain Pound; Japanese Yen; Canadian Dollar; Swedish Krona;
Norwegian Krona; Euro of all Europe; Swiss Franc; Danish Krona
Vic: Does it make any difference that this basket of currencies is in among some other very stable currencies and stable countries? I think so!
Yukon: Have you been to Jackson Hole?
Joey: A long time ago
Yukon: For those who don’t know and wonder why Wyoming rather than DC or NY or other places…it’s not very easy to get to in the middle of the Teton Mts. It is absolutely beautiful and very expensive. There are not a lot of commercial flights there, but a lot of private jets fly in for something like this. It allows these people to have a private and serene place that is easy to secure so these guys can get their work done in a quiet, calm, peaceful setting and then move on.
Deb reads: Currency Newshound: Just How International is Iraq? Today at 8:50 am
If anyone ever doubted the international nature of business in Iraq, just look at the list of nationalities represented on the list of companies pre-qualified for the country’s fourth round of oil licences:
Angola, China, Croatia, Egypt, France, India, Indonesia, Italy, Japan, Kuwait, Malaysia, Netherlands, Norway
Pakistan, Russia, South Korea, Thailand, Turkey, United Arab Emirates, United Kingdom, United States, Vietnam
And in the past week alone we’ve seen announcements of an Egyptian refinery in Mosul, a Jordanian company winning an oil transportation contract, A Korean firm building 100,000 homes in Baghdad, an American company supplying surveillance equipment, a Swiss company modernizing a textile plant in Wassit, and Turkish and French businesses building hotels.
And on the subject of international presence, Iraq Business News has readers in 167 countries – there’s no better way to reach this global audience than to advertise in IBN! Can you see opportunities for your business in Iraq? http://bit.ly/rpV0bm
Joey: Did you notice, Viet Nam, the sleeping giant, yes he is.
Vic: We’ve heard a lot of good information from our friend, mole-digger, who lives there, and he reports that Viet Nam relies very much on the production of rice and coffee. Well there you go! Now they’re involved in oil with investment in Iraq. And it says a lot about them stepping out like China.
Joey agrees and responds: She sometimes watches TV and recently saw a documentary about coffee and that a global change in environment, or some other shifts are occurring that in about 50 years, only the rich will be able to afford coffee at $15 a cup. So here you have Viet Nam with both rice for feeding the world as the World Food Bank has asked them to increase rice production for staving off world hunger; and coffee which could also be rare. Viet Nam is the sleeping giant and their day is coming.
Vic: Reminds that the new name of the group is The IQD Team, and asks Diana to explain more about the reasoning for this name.
Diana: The IQD team is because we Investigate, Question, & Deliver….not just about the dinar, folks.
Vic reminds of a great Iraqi Chemist from last week Mr. Hussein Al-Sharistani and reads:
Maliki Electricity minister appointment "tyrannical"
Baghdad, Aug. 25 (AKnews) - The National Accord Movement – part of al-Iraqiya and led by former prime minister Ayad Allawi - today accused Prime Minister Nouri al-Maliki of "tyranny" for naming his deputy for Energy Affairs Hussein al-Shahristani to temporarily run the Electricity ministry.
Movement spokesman Hadi al-Dalimy told Aknews that the movement rejects Maliki's naming of Shahristani, after the Electricity Minister Raad Shallal submitted his resignation due to his signing of contracts with non-existent companies.
Al-Iraqiya announced last Saturday that it would be nominating MP Ziad al-Thareb for the post.
"Iraqiya is mostly concerned in achieving national partnership. Naming Shahristani as the Minister of Electricity ignores the political consensus that Maliki promised to uphold whe appointed as prime minister."
State of Law Coalition (SLC) deputy Hanan al-Fatlawi revealed on the sixth of this month that the Ministry of Electricity signed contracts - worth a total of $1.7 billion - with two fake companies to build power plants in Iraq.
By Haider Ibrahim RN\PS http://aknews.com/en/aknews/4/258925/
Vic comments: Well, no matter what this says, I like the fact that Mr. Sharistani being appointed to Ministry of Electricity, because as you remember from last week, he has his PhD. Chemical Engineering degree, and because he also has spent a lot of time in the Abu Giraib prison for 13 years, because he absolutely refused Saddam’s request to help build Nuclear Energy for weapons and was tortured for this refusal. So this gentleman was actually posted to have been the Prime Minister. He has experience, great education, kept the world out of danger standing up to Saddam. I like him being in an advisory role with Mr. Maliki, to help watch over such an important position for the economic developments ….that is to power the factories, offices, and the homes. Not to mention the possibility of using some nuclear power generation which he also has much capability to hold people accountable.
Diana reads: Central Bank: ready to intervene in the case of the inflation rate exceeds the red line
Interact issue of rising inflation rates in the country and many specialists as well as citizens concerned about the news related to this, especially since the rise in inflation was not a bit within a year as it ranged from 6 7%.
The central bank announced that the annual inflation rate in the country amounted to more than 6 percent this year, with the exception that this rise is equal to twice what it was last year, attributing it to increased inflation, the dollar area at the global level.
The central bank adviser said the appearance of Mohammed in an interview for "Alsumaria News", "rate of inflation in the country since February, and to June of this year amounted to 6.4% after it was 3%, in 2010," indicating it was due to " vulnerable to the phenomenon of inflation in the dollar on the global level, and because Iraq used the dollar in import operations.
Saleh added that "food have risen since July 2010 to July 2011 increased by 40%, and industrial materials by about 38%," pointing to "ready the central bank to intervene in order to maintain monetary stability in the event exceeded the rate of inflation, the red line and approached the two places decimal places or less of them a certain rate. "
Saleh pointed out that "the general budget or planning for Iraq estimated for one year and not of income, capital," pointing out that "the expenditure extends throughout the year, and therefore, there is a balance between revenues and expenditures."
He noted the benefit that it "has been developed a budget based on an estimated deficit of about 17 trillion Iraqi dinars, and based on the price of $ 76 and a half of a barrel of oil, with export capacity of 2.0002 million barrels a day," stressing that "if Iraq sold its oil at a higher price of 76 dollars and a half it would be a surplus budget. "
The CBI predicted in the 22 of June, the volume of inflation in Iraq during the month to 7%, while noting that high oil prices in world markets, one of the causes of inflation in the country, he stressed that commodity production National weak compared with the service production which is witnessing a rise.
Has already said the Ministry of Planning and Development Cooperation, in the 19 of June, the inflation index has been rising slightly in May 2011, compared to the previous month, stressing that the rate of inflation rose by a large margin compared with May of last year 2010.
The Central Bank of Iraq was established as a bank independent under the law of the Central Bank of Iraq issued on March 6, 2004, and is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies, and management of foreign reserves, and the issuance of currency management, as well to regulate the banking sector to promote a competitive financial system and independently.
And the central bank denied that there was fraud, entered the country which led to the postponement of the project to delete the three zeros, adding that the process of removing the zeros facing the reactions of the strong points.
The central bank adviser said the appearance of Mohammed Saleh: No health on the entry of counterfeit currency into the country led to the postponement of the deletion of zeros to the notice, and that the project still exists, but ink on paper was not being implemented yet.
Saleh added that the issue of fraud and breach of law and economic crimes that exist in the list of all the countries of the world. And he continued, we faced a very strong reaction by the other parties to achieve the project to delete the three zeroes from the Iraqi currency, but despite this we as an authority we consider critical strategic project and must be applied in one day.
And between the central bank adviser to the project to delete three zeros is to re-structure of the Iraqi currency and start a new currency system, in addition to the replacement of groups 250 and 500 dinars metal currencies to facilitate a lot of things.
Joey: SAYS DIANA PLEASE READ THAT SENTENCE AGAIN….WOW
DIANA: Saleh added that the issue of fraud and breach of law and economic crimes that exist in the list of all the countries of the world. And he continued, we faced a very strong reaction by the other parties to achieve the project to delete the three zeroes from the Iraqi currency, but despite this we as an authority we consider critical strategic project and must be applied in one day.
Tim: That’s phenomenal and speaks volumes!
Vic: Has a little bit of a problem talking about this year’s budget, where they referred to the $76.50 dpb oil that was used to calculate that budget, and we already know that they’re going to be releasing their 2012 budget very soon , for which they are using about $85dpb. But I have a problem with the 40% rise in prices for food and industrial materials costs rose 35%...Joey, wasn’t the import tariffs supposed to have been implemented on July 15th which coincided with the group of people that helped them with their ascension into the WTO, which expired on the 15th.
Joey: Yes, agreed. It was voted in on the first of July but delayed until the 15th.
Vic: They’re now saying they’re going to hold off or postpone until September 1st for the implementation or addition of the tariff taxes on imports, because they didn’t want to raise costs of goods during Ramadan. I find that very interesting.
Vic Continues:….Now we have the Deputy Governor of the CBI, Mohammed Saleh, talking about taxes, the budget, inflation…what was Mr. Shabibi’s main job, or the main objective of the CBI? Shabibi has always said he never wanted to see inflation over 7%. That was the crisis number he was always trying to stay clear away from, and because of his capabilities, he’s always kept a very good eye on the inflation of Iraq. I’m sure they’ll be talking about that in Wyoming. Shabibi has done a great job for years, now, maybe he can teach some others about it in the next couple days.
Economic adviser to Maliki demanded not to change the currency, and warns of a "mafia" is preparing to exploit Thursday, 08-25-11 12:58
Invited Advisor to the Prime Minister for Economic Affairs, Thursday, the Central Bank of Iraq to stop the procedures for changing currency, warning of "mafiat" preparing for counterfeiting trillions of exploiting dinars change currency, stressed that it would result in enormous cash block are difficult to face.
Abd al-Husayn al-anbaki said in an interview for "Sumerian news", "the Central Bank of Iraq if he insisted on continuing to raise the zeros and change the currency, it will commit a mistake under unstable economic conditions in Iraq, which would have a negative impact on the economy", calling on him to "stop and lift the zeros in the moment".
He added Al-Anbuge to "lift zeros biggest corruption in Iraq if it was during this period, under the name absurd economic," maviat done gears of counterfeiting trillions of Iraqi dinars for the change in light of the upcoming changes.
The Central Bank of Iraq was declared on 23 June last, ready to delete the zeros of Iraqi currency, and stressed that this step is the Bank's strategic posts, he noted that the new currency with the Kurdish language in addition to Arabic.
He suggested Al-Anbuge "currency is not changed after ten years at least after that stabilize State institutions and the economic situation, and improve the standard of living of the people, and adjusts the quality exporting currency and mechanisms, as well as curbing corruption", pointing out that "in the current situation, this stray procedure will have a significant impact, and we block huge cash graduated and will face money laundering and counterfeiting operations and corruption of large uncontrollable."
Al-anbaki stressed that "the Iraqi market began operating pessimistic and optimistic work through vulnerability to supply levels, it also influenced the behaviour of producers and consumers and on all economic dependency variables in Iraq needs to more economic stability."
The Iraqi Central Bank Governor Sinan Al-Shabibi said during a meeting of independent bodies with Prime Minister Nouri al-Maliki and held, in the 19 June 2011, ready to initialize all items to replace the Iraqi currency.
The Central Bank of Iraq, has four branches in Basrah, Sulaymaniyah, Erbil, Mosul, where a separate Iraqi bank was established under the Central Bank of Iraq Act of 6 March 2004, and is responsible for maintaining price stability and the implementation of monetary policy including exchange rate policies and management of foreign reserves and currency management version, in addition to regulating the banking sector.
Joey: This guy says, “Stop The Plan?”
Joey: comments, that the low denominations are Basel 3 compliant and counterfeiting won’t be a problem, they just need to release them.
Vic: We need Diana’s article for a second….at the bottom, what 2 coins did they talk about?
Diana reads about the 250 and 500 dinar metal currencies:
Vic: Joey, what do you think about that?
Joey: Well it will facilitate everything. Just think about what they’re doing and where Iraq is going. They want to become an International business and touristic attraction in the middle east and they can’t even make change for a hamburger? Guys, c’mon! They have to simplify the system of paying for transactions in Iraq, for everyone now and future.
Vic: Look at what he mentioned, this is the first time we’ve heard of a 250 dinar coin. We’ve heard before of the 500 and 1,000 coins, but this article does have a lot to do with our daily lives, right folks?
Joey adds: Yes, and it’s like The Future of Iraq or The Iraq Project which is like the blueprint that told us they would dismantle the country and rebuild it. Like we tell people, this isn’t intelligence, folks, this is history in the making, and we’re watching a country being built, we’re part of this. For the last 3 months, we’ve been told that they’re ready and when they get the obstacles removed, Shabibi will make his money valuable, and powerful. The Iraq Project predicted for us in the last chapter that they would have to finalize the banking sector overhaul and mergers with better capitalized international partner banks; they would have pump up the private sector growth; and economy for diversification in revenues other than just oil, and they would have to clean up the corrupt people still holding on to the ways of the old regime….and when the obstacles are removed….
Tim, Deb, Diana all ooooh and aaaaah with gushy words like incredible, and more more more:
Joey responds enthusiastically to listen to the next one because she hears so much debate on whether it’s done or not, and then will read another back to back to see what we think?:
Joey reads: GOI completes amendments to HCL / Oil and Gas draft law
AUGUST 25TH, 2011 06:59 AM · POSTED IN NEWS (IRAQ & WORLD CURRENCY)
Iraqi government completed the amendments to the draft law of oil and gas
Baghdad, August 25 / August (Rn) – The adviser in the Iraqi government said on Thursday that the Council of Ministers ended the necessary amendments to the law of oil and gas, and will be submitted to the Parliament after the Eid holiday.
The Committee on oil and energy in the Iraqi Council of Representatives announced Monday, its dependence on the government version of the draft law of oil and gas instead of the version submitted by the last week in the Iraqi parliament session.
And wait for the oil and energy legislative draft was sent to law by the Iraqi government, such as the study presented to the Parliament for discussion and vote on approval.
The Economic Adviser in the government peace Qureshi, told the Kurdish news agency (Rn) that “the Iraqi government ended the amendments to the draft law of oil and gas made by the Committee state energy at the end of the month of July last.”
“The Council of Ministers will raise the draft law of oil and gas to the House of Representatives after the Eid al-Fitr holiday for approval to organize political oil in a manner commensurate with the budget in 2012.”
Iraq held three rounds of licenses and a number of major oil projects, which sees the oil and energy should be coordinated with the parliamentary oil and gas law deferred.
The oil imports about 95% of Iraq’s budget, but so far nothing in the law regulating the affairs of the country despite the conclusion of many of the energy contracts with international companies to develop Iraqi oil fields.
And the failure of the House of Representatives to pass Bdorth previous oil and gas law, which was expected to rise oil situation if approved.
The absence of law and the cause of a number of problems in this sector, particularly oil contracts signed by the Kurdistan Regional Government with international companies to develop fields, and Baghdad says it is “illegal”, while confirming the region “compatibility with the Iraqi law.”
Iraq has the OPEC member’s fourth-largest oil reserves in the world.
The giant international companies in the field of energy has won contracts through three rounds of a license to develop oil fields discovered untapped.
Although the Iraqi government predicted the arrival of its crude oil production to about 12 million barrels per day over the next five years, but experts have questioned the production and access to that goal, and said that seven million barrels a day was a reasonable figure.
Joey reads next article, you gotta understand what they’re trying to say, and Maliki wrote this one, he’s the only one that could stop the madness. They’ve had an HCL law since 2007, so what are they doing here with this law
Joey reads: Efforts to wrest control of the oil from the government and given to the Parliament
August 25th, 2011 06:46 am · Posted in NEWS (Iraq & World Currency)
Posted 25/08/2011 10:00 AM
BAGHDAD (Agencies): saw the researcher west to provide a copy of parliamentary law of oil and gas, other than those adopted by the government, is standing behind him for political ends, it seems that the Kurds are the biggest player in, especially with their success in persuading the Iraqi List, the adoption of supporting legislation that would more scatter about a large, and make them abandon what he described as “ideal Bonapartism”, while al-Maliki seems now is the only person who focuses on the institutions of a normal state, clearly defined, even though he was unable to deliver his idea, and this will increase the polarization.
He said a researcher at the Norwegian Institute of Research International, Ryder explained, in comments he singled out the “world”, that “the case more interesting than it seems, has submitted to the Commission on oil and gas in the Iraqi parliament a law of oil and gas competitor for version pending with the government since 2007″ .
He noted that “a quick read of the documents refer to the fact that they are similar to a very large extent, they were based on the same grounds, and containing the same material, but that most of what is in them using the same language.”
But he says “In fact, there is only one difference significant between the two. It gives a Parliament the power to nominate the president of Oil and Gas Council (which will make key decisions all) and his deputy, the Presidency of the parliament, to be endorsed by Parliament by absolute majority, while the copy of the government to remember that the prime Minister or his representative is one of the chairs this Council. But is this, the differences seem small, that the details relating to the representation of the provinces in the oil and gas a little different (a government grant representative to maintain the rank of Minister, and provincial assemblies are elected representatives of the producing provinces). “
He explained that “The features of the other remaining seems similar. Just like the original bill which was submitted in 2007, depriving the oil ministry of the actual power to be given power strong to the oil and gas. This committee will have rights of veto on deals held by the regions federal as well, and the Committee was unable to pass a resolution by two-thirds will be those transactions take effect automatically. also producing provinces do not have the rights of contracting the same given to areas of federalism, “warning that” this is what constitutes a flagrant violation of the Constitution (which treats the provinces and territories federal grammar exactly the same thing as far as energy issues). “
He explained in his commentary, “The reason for the parliamentary version of a lot of attention, despite the small differences, related to the procedural process: it is by what it does to the oil and gas in this case, it defies the government and the federal Supreme Court.”
He added that “the Court had already decided that any bill must pass through the government or the President of the Republic before its submission to parliament, which means that the right of the Legislative Council of the Iraqi legislative initiative is weak in this area.”
He said “The last time Parliament attempted to challenge the government grammar itself (through the law of cutting administrative links between the provinces and central ministries) and ended up going to the rejection by the Federal Court Supreme As a result, revoked the Act. In other words, can the court that the fall version of the law of oil and gas Parliamentary procedural reasons, the same. “
The researcher said that “this matter relates, in contrast, the policy behind the parliamentary move to provide a copy of the draft law of oil and gas.”
“The remarkable that the Kurds and Iraqi forces show they’re emerging powers that were behind the new bill, but showed resistance by all in favor of a coalition of state law, which led Prime Minister Nuri al-Maliki. This explains clearly the role of parliament strong to entrust the process of drafting his bill to his committee, as well as resistance to the project on the basis of substantive and procedural law of the state. “
He believed that “There is an interesting feature is that the Kurds are now pressing ahead to the project, which will give the Central Committee of the right of veto on all contracts: it is believed that a dispute between the Kurds and Shi’ite Islamists, the main reason for the delayed submission of the government version of the bill to the parliament.”
The researcher found that “the parliamentary version shows more than anything else, the willingness of the Iraqi List to go to anything to harm Mr. Maliki personally, not interested in ideological issues with her hands.”
He said, “Here we have a bill rejected all the experts in Iraqi oil and almost most of them supporters of Iraq when he presented the first time in 2007. The essence of the law remained largely the same, but now that Iraq supports the project, which will turn the oil ministry to a mere office luxury The real power in the hands of a committee of politicians and a few independent experts. “
He continued that “the Kurds, for their part, given up by a large rights to object to the contracts for the Commission on a central political, and that one-third of the mandate of a parliamentary addition to the requirement of two-thirds in order to reach decisions,” pointing out that “the point of the biggest is that: the Kurds succeeded in persuading Iraqi support of other committee made up of politicians, bureaucrats at the expense of [staff librarians “. He said, “synonymous for the oil and gas in the level of the concept is, of course, the National Council of the Supreme policies, backed by Iraqi Kurds to both resist and Maliki.”
He explained that for an outside observer, “two shows about as big as the products of young beginners the knowledge of politics, Valmther to see how the Kurds succeeded in turning the Iraqi Bmthalyatea Bonapartism to the supposed position will contribute significantly to the fragmentation of the largest of all of the above.”
He continued that “in order to make matters worse, Iraqi claims that it began to build institutions of the state!”
He explained that “so far seems to be the only player in the Iraqi scene, which focuses on state
institutions and a clear and normal is clearly Nouri al-Maliki, but the failure of the two camps in the delivery of ideas carries with it the risk of creating a polarization of increasingly vicious cycle more authoritarian by Maliki.”
And saw a specialist researcher Iraqi affairs, “It is also interesting that the Kurds in this case working through the parliament (and its leader, Osama al-Iraqiya’s) instead of the presidency and keeps company with Jalal Talabani (who introduced the draft Strategic Policy Council).”
He concluded by commenting, questioning whether the dispute Talabani – Barzani in how their dealings with Iraq and al-Maliki is in the background of this case .
Joey summarizes: Really? There’s just one little difference? They’ve had the HCL oil and gas law since 2007 and they still have it with the same language. They just have a change that needs to be made, if not already, that says the parliament has the power to nominate the Minister for that Oil and Gas Council, that will make key decisions. Mr. Maliki is trying to make it say that he has the right to nominate that person who runs the Oil and Gas Council. Huh? See what’s going on folks, we’ve always had an HCL Law, but the new one, stems from when the UN was in Erbil talking to Barzani, Talabani, and Maliki. Barzani explained how he processes his oil flow books different from Baghdad and because he has seen the genocide from Baghdad, and other abuses of the Kurdish people by the Iraqi’s, so they all agreed that the UN would chair a committee of Iraqis to oversee that the Kurdish oil is accounted for, every red cent, and that this neutral party would protect the Kurdish interests.
Vic: Agrees that this is a very interesting point, and that everything remains the same other than the one little addendum. September 11th, what happens? We have 41 of 51 oil contracts submitted, will be accepted on the 11th.
Vic reads: Last week we read that the 3rd ship from Turkey was coming to provide Electricity:
Baghdad to provide 360 generators to tackle electricity crisis
Baghdad, Aug. 25 (AKnews) - Baghdad provincial council announced Thursday that it has allocated IQD50 billion from its budget to purchase 360 electricity generators to be distributed throughout the capital in order to reduce the acute shortage of energy, noting that these generators, with the help of civil generators, will provide 2200 MW for the capital.
The deputy head of Baghdad services Ghaleb al-Zamili told AKnews: "The provincial council began the distribution of 44 generators with different capacities and sizes from 50 to 500 KW distributed at various areas, including Abu Ghoreib, Taji and Tarmiyah in the neighborhoods of Baghdad beside Karkh and Rusafa.
"The initial plan includes the distribution of 360 generators. Larger generators will be distributed among hospitals, water and sewer projects."
The electricity sector in Iraq is suffering since years of shortage in the production of energy due to the damages that the stations and transport networks passed through during the invasion of the country in 2003, followed by acts of sabotage.
Iraqis depend on generators to address the continuing shortfall in energy generation. Blackouts in the capital frequently last for 18 hours a day.
The Iraqi government announced last May that it will allocate $400 million to provide the owners of civil and government generators with free oil in order that they can commit themselves to run 12 hours a day, confirming that oil will be paid for by the Ministry of Finance or deducted from the imports of the oil ministry at the end of this year.
However, Zamili said:"We turned to this project as an alternative solution after the Electricity ministry failed to provide electricity to citizens ... These generators will help the civil generators in order to provide 2200 MW of the capital, while the Ministry of Electricity equipped the province with only 1500 MW."
Iraq seeks to meet the local demand for energy which is currently estimated at 14,000 MW, while it can only currently produce 7,000 MW.
But these efforts sometimes collide with the rampant corruption in government departments, where a few weeks ago contracts to build power plants worth $ 1.7 billion were awarded to non-existent companies, prompting the Minister of Electricity Raad shallal to resign. By Yazn al-Shemmar RN\PS http://aknews.com/en/aknews/2/258873/
Vic: And that’s why we’re glad Sharistani has taken his position
Vic wants to read another to see more clearly how all the sectors are working together:
Three dams under contruction
Sulaimaniya, Aug.25 (AKnews) The Kurdistan Ministry of Agriculture and Water is constructing three small dams to tackle the water crisis near Koya, Sulaimaniyah,.
Minister Jamil Suleiman told AKnews that the projects in Bawajan, Qoritan and Timarok villages will cost US$552,500.
The projects, funded from the 2011 ministry budget, have already been started and will be completed within two years, the minister said.
Each dam will be able to store up to 350,000 cubic meters of water from the springs and brooks crossing the area.
It is two years since the Ministry announced its five-year plan to construct eight large and 19 small dams. After the projects get underway the issue of drinking water and raising consumption of the underground water will be solved.
By Rebin Hassan LH/PS http://aknews.com/en/aknews/2/258868/
Vic adds: So folks, I’m reading loud and clear that these guys are spending money!
Joey: Yep, lots of it!
Joey takes us a trip down memory lane: How does the Iraqi political scene after the day of the month of September?
Thursday, 25 AB 2011 10:06 GMT
You may be able to designate the month of September next month of protests, with distinction, in addition to the expected improvement in the weather until the deadline percent on the second set by the Government to assess its performance in conjunction with the calls of civil society organizations to rally to rally wide in the ninth of the month, as well as the deadline for the six months set by the current rib, which confirms that it will build its position from the government through the assessment of work and politics provided by internally and externally through. Bahaa al / leader of the Sadrist movement: His Eminence will form a committee of this Committee will evaluate the government's performance during the six months and the progress accomplished in this period and whether was to take advantage of the Hundred Days, and also there is something which update the internal political situation and what happened in the outer region, so that the Commission is evaluating this situation .. And thus will give its recommendations and the decision of Mr. accordance with these recommendations. Iraqiya seemed interacting with the steps the Sadrist movement, noting that the government's performance has not improved little over the last period .. Talal Zobaie / deputy for the Iraqi List: Assessment is known so far yet to see light in the government did not see the projects that were promised did not see any fruit found in this area the service or construction so we are facing a dilemma. The coalition of state law has pre-empted the modern Sadrists and Iraqi reference to the latter presided over the services committee of the Council of Ministers as obsessed Sadrists Ministries service. Mahmoud Hassan / Deputy for a coalition of state law: Why the demonstrations and now the Sadrists hold at least six or seven ministerial portfolios and private service is that because The issues and the file service in the state. The Sadrists had held early last March in a popular referendum for granted which the government six months to improve services and the succession is in the solution of the consequences that might secreted by the street as confirmed by observers that the challenges facing the government is not limited to the degradation of services but Valtoatrut on the border north, east and south and the extension of the U.S. presence may create a protest of another kind.
Joey: Sadr is back, can you imagine being one of the parliament members after another 100 days.
Vic: Has a big problem with this Sadr guy. Lists about a dozen projects from contracts and projects from all sectors in articles just in the past 10 days from partners all over the world; all of these are positives that are going on, that have been initiated, and Sadr wants them to already be done? Let’s give some credit where credit is due!
Joey: Says they need to rollout the smart cards, to make the people happy! They’ll quit following him.
Vic reads: First tourist information center opens
Erbil, Aug.25 (AKnews) – The first tourist information and service center has been set up in the Iraqi Kurdistan region.
The head of the Kurdistan General Tourism Board told a press conference today that the facility will provide information about the tourist sites of Kurdistan for visitors. It will also help to provide transportation and accommodation for tourists who find it difficult to cope in an area where there is little information about such subjects easily available.
There are numerous tourist attractions in the three province region in northern Iraq, such as Lalish, the most holy site in the ancient Yazidi religion, the citadel at Erbil and numerous dramatic gorges and waterfalls.
The tourism sector in the region is just starting to flourish as the region increasingly presents itself as the most secure area of war-torn Iraq.
Central and southern Iraq are most famous for religious tourism especially for Shia pilgrims.
By Fryad Mohammed LH/PS http://aknews.com/en/aknews/1/258930/
Vic: This is a great development!
Joey: Sadr is going to point out all the negatives, he hates this progress, and hates democracy. The government is working hard and the fruits are about to change so Sadr won’t have the examples to point at for long
Yukon: talks about the conditions they live in there in Iraq, and uses his experience today, in preparation for the Hurricane Irene coming thru in the next couple days; So Yukon went into Home Depot and found people from all over NJ and DE, and Catskill Mt people buying generators in Manahattan, because all the generators were sold out in their home area. So only during these momentous weather storms of our American life do we get a bit of glimpse of the feeling of struggle and desperation for some sense of security and conveniences, and simple things we take for granted, like flipping on a light switch or flushing a toilet.
Joey prepares to read and prefaces with a heartfelt thanks to those Americans of our retired military who have made the ultimate sacrifice. She talks about the fact that our US and International media is not ‘intelligence’, but a human being’s expression of history being made and sharing it with others; Last week’s loss of Navy Seals, this article touched me deeply:
US Heart-Wrenching Image: Dog Keeps Watch Over Fallen SEAL’s Casket During Funeral
Petty Officer Jon T. Tumilson was laid to rest Friday in Rockford, Iowa, where an estimated 1,500 mourners came to pay respects for the fallen Navy SEAL, including his dog Hawkeye. In fact, Hakeye’s loyalty to his owner at the funeral was visible, creating a heart-wrenching image as he laid down by the casket of his owner during the entire service:
KIMT-TV captured the scene on video: The 35-year-old Tumilson died Aug. 6, when a rocket-propelled grenade disabled the helicopter he was in. It crashed, killing 30 Americans and eight Afghans. He was posthumously awarded the Purple Heart and Defense Meritorious Service Medal.
“‘Hawkeye is/was his loyal ‘son’,” wrote Tumilson’s cousin Lisa Pembleton in an email to The Blaze. ”To say that he was an amazing man doesn’t do him justice. The loss of Jon to his family, military family and friends is immeasurable.”
Fellow Navy SEALS told KIMT-TV that Jon was someone with unmatched work ethic and character.
Last week hundreds of people were out at the airport to welcome the plane that returned his remains home, video from Northern Iowa Today:
writes that Tumilson wrote a class paper when he was 15 about how he wanted to spend the next 20 years as a Navy SEAL:
“‘J.T. was going to be a Navy SEAL come hell or high water,’ friend Scott Nichols said of Tumilson, who was born in Osage on July 1, 1976, the nation’s bicentennial year, and grew up in Rockford.
Outside the service at the Rudd-Rockford-Marble Rock gym, two cranes hoisted a huge U.S. flag in Tumilson’s honor.
‘If J.T. had known he was going to be shot down when going to the aid of others, he would have went anyway,’ said Boe Nankivel, another friend.
Tumilson leaves behind parents George and Kathleen, sisters Joy and Kristie, many nieces, nephews and cousins, and of course, Hawkeye.
A relative of Tumilson wrote to the Blaze that in lieu of flowers, donations may be made to the Frogman238 Memorial Fund, First Security Bank and Trust, 201 West Main Ave., Rockford, Iowa 50468, (641)756-3361, to honor Tumilson’s memory
Q & A: Listen te replay for all Q & A
Replay call number is: 209 647 1699 pin: 880162#
The email communication request address is: TheIQDTeam@gmail.com .
More information about the plans for regular call schedules should be coming out Sunday night 8PM EST, but depends on communication during the approaching Hurricane this weekend as three on the team will be affected and out of touch by phone.
Daily Iraq & Dinar News with Post & Pre RV Info coming next week.
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